Marios Loucaides: COSMOS Insurance reports €2.68m profit for 2024, up from €1.99m in 2023

Shareholders of COSMOS Insurance (Cosmos Insurance Public Limited) at the Annual General Meeting (AGM) learned that the company's profit for 2024 reached €2.68 million in 2024, up from €1.99 million in 2023.

In his address at the 26 June event at the company's headquarters in Nicosia, the Chairman of the Board of Directors, Marios Loucaides, presented a summary of the year’s key developments, focusing on the company's strong financial results and the trajectory of strengthening and growth over the past five years, a press release from the company said.

Among other points, Loucaides emphasised that “the positive results for 2024 confirm that the management’s strategic decisions are laying solid foundations for steady growth. With absolute focus on our goals, we have closed yet another year with significant increases in production, profitability, and solvency, maintaining the momentum of the past five years.”

Specifically:

• Profits for 2024 reached €2.68 million, an increase compared to €1.99 million in 2023.
• Insurance revenue amounted to €21.2 million, up by 8.7% compared to the previous year.
• The Solvency Ratio rose to 199.02%, compared to 161.68% in 2023.
• Earnings per share were €0.0475 cents, up from €0.0352 cents in 2023.

The Chairman also referred to the company's consistent strengthening since 2020, highlighting significant growth in the three key indicators:

• Profitability increased from €300,000 in 2020 to €2.7 million in 2024.
• Solvency Ratio rose from 108% in 2020 to 199% in 2024.
• Premium income grew from €17 million in 2020 to €20.2 million in 2024.

Loucaides concluded his speech by expressing his heartfelt thanks to the management, executives, staff, and partners of the company for their valuable contributions. He also made special mention of the composition of the Board of Directors, highlighting the importance of having independent and experienced members as well as the presence of women on the Board.

During the AGM, the following decisions were made:

• The Consolidated Accounts and Financial Statements for 2024 were approved, as audited by the external auditors.
• Stalo Koumidou and Marios Kyriakou were re-elected as members of the Board of Directors, in accordance with the company’s Articles of Association.
• It was decided to maintain the current remuneration policy for the Board members at the same levels.
• The appointment of PricewaterhouseCoopers Limited as External Auditors for the current year was approved.

COSMOS Insurance continues its journey with vision and stability, basing its growth on the triptych of excellent customer and partner service, digital transformation and healthy business growth, the press release concluded.